Customer Satisfaction with Homeowners Insurance Property Claims Declines to 7-Year Low

Homeowners not happy with claims process

According to the J.D. Power 2024 U.S. Property Claims Satisfaction StudySM, released today, the increase of severe storms has led to a larger number of high-severity claims and notably longer time frames for all major steps of claims—estimating the damage, paying the customer and completing the work—all negatively affecting satisfaction, which declines to the lowest level in seven years.

Millions of Consumers Lack Vital Homeowners Insurance, Resulting in $1.6 Trillion in Unprotected Market Value

millions of homeowners uninsured

A new report by Consumer Federation of America (CFA) reveals that over six million homeowners lack homeowners insurance, leaving them dangerously unprotected from natural disasters and other significant damage that might happen to their homes.

Homeowners Stressors Expand Beyond Coasts as Storms, Wildfire Risk Intensify

convective storms, wildfires put stress on Homeowners insurance

Nine of the 10 states with the worst 2012-2022 median direct combined ratio for U.S. homeowners/farmowners are landlocked, according to a Best’s Market Segment Report. Only No. 9 Georgia, with a 94.7 combined ratio for the period, is a coastal state.

Alera Group P/C Outlook: Greater Stability in Commercial Lines, Heightened Challenges in Personal Lines

P&C insurance in 2024

While there are positive signs – including new capacity coming into the marketplace – unprecedented industry losses and unprofitability in Homeowners and Auto Insurance will significantly impact pricing and availability, especially in catastrophe-prone areas and states with challenging regulations.

New Poll Shows Voters Oppose CA Insurance Commissioner’s Home Insurance Plan By 2 to 1

CA Insurance reforms

A new poll finds that Insurance Commissioner Lara’s plan to allow insurance companies to increase premiums for all Californians in exchange for a promise to insure homeowners in higher wildfire risk areas is opposed by a 2 to 1 margin, 62% opposed to 30% in support